Union Bank Of India Union Bank Of India

I want to take Vehicle Loan from Union Bank Of India so can you please provide me the details of loan?

[Rajkumar Agarwal]

Union Bank Of India provide Union Miles Vehicle Loan to purchase of new or old (up to 3 years) four-wheeler, and you can also avail this loan to purchase a new two-wheeler.

Union Miles-

Eligibility-

Minimum age - 18 years and maximum age - 70 years

Resident Indian citizen and Non-Resident Indians (NRIs) holding valid license

Individual, either singly or jointly with other family members viz. father, mother, son, spouse or daughter as co-applicants

Companies / Firms for purchase of vehicle for usage by their Directors / employees

Quantum Of Loan-

Maximum quantum of loan
New 4-wheeler Rs. 125 Lakh
Old 4-wheelers (not older than 3 years) Rs. 20 Lakh
New 2-wheeler Rs. 10 Lakh

Margin, i.e. Your share

15 % of on-road price (Vehicle Cost + Registration Charges + Insurance + Road Tax)

40 % of old vehicle's valuation cost

Repayment -

Repayment period Maximum repayment tenure
New 4-wheeler 7 years
Old 4-wheelers (not older than 3 years) 5 years
New 2-wheeler 3 years

Processing charges-

Processing charges @ 0.50% of the loan amount, subject to maximum of Rs. 15,000 plus service tax as applicable

List Of Documents-

Proof of identity (any of the following)
Passport
PAN Card
Employee identity card
Any other valid proof

Proof of address (any of the following)
Electricity bill
Telephone bill
Aadhar
Any other valid proof

Proforma / Invoice

Valuation report from approved automobile engineer for old vehicle

Proof of income
For salaried class
Last one year ITR
Form16 / letter from Employer
Last 6 months salary slip

For business class
Last three years ITR
P & L, Balance sheet

3 photographs

Any other document which may be required from case to case

Contact-

All-India Toll Free number : 1800 22 22 44 / 1800 208 2244
Charged Numbers : 080-25300175
Dedicated number for NRI : +918025302510